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20 May, 2024
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Fuel prices soar, consumers brace for double blow

Anticipated tax cuts offset by expensive shipments, threatening financial survival of petrol stations


Fuel prices are on an upward trajectory week by week, with an approximate increase of 13 cents per liter. Speaking to Oriana Papantoniou on Diaspora News, Spor FM, Christodoulos Christodoulou, the representative of the Association of Petrol Station Owners, predicts that by the end of the month, the elimination of the excise tax and the green tax will contribute to an additional hike of 8 and 5 cents, respectively.

In recent days, two increases, totaling around 6 cents per liter, have already impacted consumers. Christodoulou warns of more impending hikes due to the arrival of expensive fuel shipments. He expressed concern about the financial strain on petrol station owners, emphasizing that continuous losses have led to the closure of three to four stations in recent years. Among the remaining stations, especially the 180 private ones out of the approximately 310 currently operating, financial survival is proving challenging.

This alarming trend raises fears that accuracy in fuel pricing could drive citizens toward other territories seeking more affordable options. As fuel costs show no signs of stabilizing, the economic pressure on both station owners and consumers intensifies.

Cyprus  |  fuel  |  economy  |  inflation

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